Mandatory Pre-Need Plan Company Membership

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IC Circular Letter No. 2015-27: Mandatory Pre-Need Plan Company Membership

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Title Supreme Court: Mandatory Pre-Need Plan Company Membership

Law: Ic Circular Letter No. 2015-27

Decision Date: Jun 1, 2015

All Pre-Need companies must join the Philippine Federation of Pre-Need Plan Companies within 30 days to promote industry cooperation and compliance, with membership affecting the issuance or renewal of their Certificate of Authority.

mandatory membership

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Mandatory Membership Requirement

All Pre-Need companies must become members of the Philippine Federation of Pre-Need Plan Companies, Inc. (Pre-Need Federation).
Membership is subject to the Federation's rules and regulations.

Membership Application Timelines

Existing Pre-Need companies not yet members must apply within thirty (30) days from the date of the Circular Letter (June 1, 2015).
New Pre-Need companies must apply within thirty (30) days from the issuance of their Certificate of Authority by the Insurance Commission.

Non-Discrimination and Provision of Services

The Pre-Need Federation is required to provide its services to all members equally and without discrimination.

Compliance and Enforcement

Compliance with the membership requirement is a mandatory criterion for the issuance or renewal of a Pre-Need company’s Certificate of Authority by the Insurance Commission.

Effectivity

The Circular Letter takes effect immediately upon issuance (June 1, 2015).

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